Madison Realty Capital finances office development in Manhattan’s East Village
Madison Realty Capital has provided a $48.0 million senior loan for the funding of a $79.1 million financing package for the development of a mixed-use office project at 3 St. Mark’s Place in Manhattan’s East Village neighborhood.
Hana Financial Group, a leading South Korean financial services company, provided Real Estate Equities Corp., an experienced local developer with an additional $31.1 million of mezzanine financing to fully capitalize the project.
“Hana approached us to provide the first mortgage loan on this financing package in order to leverage our strong construction lending program and market expertise,” said Josh Zegen, co-founder and managing principal of MRC. “Our intimate knowledge of the national lending landscape allows us to partner with global financial institutions deploying capital into the U.S. We provide our expertise in complex structuring, due diligence and quick execution, in addition to on-going servicing and asset management.”